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EDMONTON – Housing starts fell again in the Edmonton region for February with no growth in activity foreseen until at least the summer, the Canada Mortgage and Housing Corporation said Monday.8 X* n/ T7 F) y1 N4 ~* y
- C+ `2 b6 j+ F3 eMultiple-unit starts led the decline with a near-86-per-cent drop from February of last year, according to preliminary CMHC figures. Multi-unit starts across the Capital Region totalled 64 units last month compared to 449 started in the same month a year ago.5 R' q! E4 `' J% t- u3 A% e$ C" e
1 l' J* a5 R* b7 q1 e“Developer unease over rising condo apartment inventories will cause multi-unit starts to be lower this year than last,” said Richard Goatcher, CMHC senior market analyst for Edmonton.
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: U1 l4 H' Z$ e wIn the single-detached market, shovels went into the ground for 149 homes in February — a 39 per cent drop from the 243 units started a year ago.! _, Y' R2 K0 t( }2 }- `
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CMHC predicts single starts to remain slow throughout much of 2009. Building activity won’t pick up over the previous year’s pace until after mid-2009 — provided new house inventories head lower. Goatcher said it will likely take until 2010 for notable year-over-year increases in single starts.
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7 u0 \2 e' O' }. {4 v+ ]Total housing starts in Alberta’s seven largest centres totalled 574 units in February, down from 1,867 a year ago, according to CMHC. Grande Prairie was the only city reporting a year-over-year increase in starts. |
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